March 13, 2006
This article was edited from www.bcnys.org
A new nonpartisan study rates New York as having the worst business-tax climate of any of the 50 states in the nation.
The Tax Foundation study concluded that, "States with the best tax systems will be most competitive in attracting new businesses and be the most effective at generating economic and employment growth."
The Washington-based think tank rated each state's business-tax climate based on corporate income taxes; personal income taxes; sales taxes; unemployment insurance taxes; and "wealth" taxes on property and estates.
New York ranked 50th overall. Other states near the bottom of the rankings were New Jersey, Rhode Island, Ohio and Vermont. The states with the best business-tax climates are Wyoming, South Dakota, Alaska, Florida and Nevada, the Tax Foundation concluded.
Governor Pataki; Senate Majority Leader Joseph Bruno; and Assemblyman Robin Schimminger, along with several of his colleagues, have proposed major business-tax reductions as part of this year's state budget discussions. The Business Council is strongly urging the Legislature to include such reforms in the 2006-07 budget. |
